International General Insurance(US:IGIC)2025-11-04 21:35Premiums and Revenues - Gross written premiums for Q3 2025 were $131.3 million, down from $138.3 million in Q3 2024, while for the first nine months of 2025, they were $525.6 million, a slight increase from $525.5 million in the same period of 2024[2][6] - Net premiums earned for Q3 2025 were $114.7 million, compared to $126.1 million in Q3 2024, and for the first nine months of 2025, they were $342.5 million, down from $362.5 million in the same period of 2024[2][4] - Total revenues for the nine months ended September 30, 2025, were $390.6 million, slightly down from $403.8 million in the same period of 2024[27] - For the nine months ended September 30, 2025, the total gross written premiums reached $525.6 million, while net written premiums were $350.8 million[41] Underwriting Performance - Underwriting income for Q3 2025 was $51.4 million, an increase from $41.4 million in Q3 2024, but for the first nine months of 2025, it decreased to $114.3 million from $138.7 million in the same period of 2024[2][7] - The combined ratio improved to 76.5% in Q3 2025 from 86.0% in Q3 2024, while for the first nine months of 2025, it was 87.1%, up from 80.5% in the same period of 2024[2][11] - The loss ratio improved to 39.3% in Q3 2025 from 51.5% in Q3 2024, but increased to 49.3% for the first nine months of 2025 from 45.3% in the same period of 2024[2][8] - The net loss and loss adjustment expenses for the quarter ended September 30, 2025, were $45.1 million, compared to $65.0 million in 2024[48] Net Income and Earnings - Net income for Q3 2025 was $33.5 million, slightly down from $34.5 million in Q3 2024, and for the first nine months of 2025, it was $94.9 million, compared to $105.1 million in the same period of 2024[2][4] - Core operating income for Q3 2025 was $38.6 million, up from $30.7 million in Q3 2024, but for the first nine months of 2025, it decreased to $80.8 million from $103.9 million in the same period of 2024[2][5] - The diluted earnings per share attributable to equity holders for the nine months ended September 30, 2025, was $2.14, down from $2.31 in 2024[45] - The net income available to common shareholders for the quarter ended September 30, 2025, was $33.5 million, compared to $34.3 million in 2024[45] Shareholder Equity and Assets - Total shareholders' equity increased to $686.5 million at September 30, 2025, compared to $654.8 million at December 31, 2024[23] - Book value per share increased by 9.3% to $16.23 as of September 30, 2025, compared to $14.85 at December 31, 2024[25] - Average shareholders' equity increased to $674.4 million in Q3 2025, compared to $619.9 million in Q3 2024[55] - Total assets increased to $2,121.8 million as of September 30, 2025, from $2,037.6 million at December 31, 2024[30] Investment Performance - Investment income for the first nine months of 2025 increased by 6.8% to $40.6 million, compared to $38.0 million in the same period of 2024[19] - Net investment income for the nine months ended September 30, 2025, was $45.8 million, up from $40.3 million in the same period of 2024[27] - The investment yield for the quarter ended September 30, 2025, was 4.1%, slightly down from 4.2% in the same quarter of 2024[43] Foreign Exchange Impact - The net foreign exchange loss for Q3 2025 was $6.1 million, compared to a gain of $8.6 million in Q3 2024, while the net foreign exchange gain for the first nine months of 2025 was $11.1 million, up from $4.7 million in the same period of 2024[20][21] - The company reported a net foreign exchange gain of $6.1 million in Q3 2025, contrasting with a loss of $8.6 million in Q3 2024[55] Company Ratings and Outlook - IGI is rated "A" (Excellent)/Stable by AM Best and "A" (Strong)/Stable by S&P Global Ratings[62] - Forward-looking statements indicate potential risks including competition, economic factors, and geopolitical tensions affecting performance[63] Share Repurchase - The company repurchased 789,575 common shares at an average price of $23.79 per share during the third quarter of 2025[24] Portfolio and Operations - The company has a diverse portfolio including energy, property, and marine trades, with operations in multiple global locations[62]